More Bank Features

[Webtwink]

I think we need more Features for the bank rather than just selling and buying NPs.

Some features that must be are NP loans, if a buyer wants to buy a domain that needs huge NPs, it is likely that no one can pay it almost immediately like coolhost.com's recent offer. A loan type of feature would be great:cy:

Some ideas :

Also another feature would be a bank account, like a savings account where we can put the money in the bank. I donot like hanging around with my 1700NPs, cuz most probably i am just going to waste it. If there was a savings account it would be cool. I know i am asking a lot for this. but it would definitely be worth it.

Whatcha Guys think

 

[RJ]

The savings account feature might be doable.

We've considered loans before, but without some kind of collateral there's too much opportunity to abuse it. Ideas?

 

[Webtwink]

well

well we could have somthing like a $50 pre-deposit as a collateral. I mean if anybody is taking NPs on a loan most probably it is a huge sum, probably around $200. That could be one way.

Other possible way would be that whenever they post, a percent of NPs are automatically deducted(if possible), so when you post you get 2NPs or 1Nps depending on the forum. But if you take a loan,you onley get 70NPs and the rest goest to bank. This is just a thought though.

there could be more good ideas out there.

 

[RJ]

What I mean by abuse is there could be nothing that would disallow someone from taking out a large NP$ loan, purchasing domains with it, and then vanishing from the forum forever.

I don't have a collections agency or the means to chase someone down and make them participate at NamePros. Though that would be nice!

 

[Webtwink]

yea

yea u r right. I kindof understood what u mean now. but i still believe that the system is possible but needs a very good idea.:gl: We need an inventor here please:bah:

Einsteins Wanted @ NamePros.com:p

 

[Coastalguy]

RJ's point is a valid one.

I started writing some ideas/suggestions down in this post and had to delete them because I was picking holes through them.

Maybe there would have to be a maximum amount allowed to be borrowed and only eligible for members who have actively been involved in the forum for a designated time (1 month, 2 months, or more). Any NP$ they earn would automatically go towards paying off their debt and they would have a certain amount of days to do so.

I realize this still doesn't solve the problems of chasing down bad debts but at least we would be dealing with NP veterans and the likelihood of their debts not being paid would be somewhat lessoned.

Not foolproof by any stretch but a place to start.

Please: add on, change, delete, or whatever.

ST

 

[Webtwink]

coastal guy

i agree with coastal guys suggestions. Banks in Real life don't give out loans to everybody, they only give them if they have good credit history or something like that including property. So we shouldn't give bank loans to anyone but only to those who are regarded *Qualified*.

Some suggestions

A person could be qualified if he has more than 20 trader ratings(excluding NP transactions).

Has spent time in NamePros and is a participant.

 

[RJ]

I can't find a way to make this work officially. Someone could easily qualify and still leave without notice (Dotleader for instance). Situations like that would destablize the NP economy by introducing new NP$ 'out of thin air' that are not earned or repaid.

I don't think I'll be pursuing it, but I'll have no qualms if someone wanted to becoming a private party NP$ loan broker.

 

[Kodeking]

What if there was a maximum amount able to be loaned out to the entire forum. Like, only 50,000 could be loaned out at once, with a limit per member. So if the total loaned out reaches 50k, then you would have to wait untill someone payed their debts before you could take money on loan.

 

[Jeff]

Originally posted by -RJ-
I don't think I'll be pursuing it, but I'll have no qualms if someone wanted to becoming a private party NP$ loan broker.

I think that's the only viable option, as well IMHO.
Now, we just have to find someone NP$ SuperRich™.

Originally posted by Webtwink
Also another feature would be a bank account, like a savings account where we can put the money in the bank. I donot like hanging around with my 1700NPs, cuz most probably i am just going to waste it. If there was a savings account it would be cool. I know i am asking a lot for this. but it would definitely be worth it.

I kind of like this Savings Account concept, and the possibility of earning NP$ "interest". Though it may go more toward addressing the need for member's to enact "NP$ Budgets", as the NP$'s grow this could be a good way to potentially earn more NP$'s by compounding. We could discuss this more in depth, and it would also support the existing NP$ system, as I see it.
Please keep 'em coming, friends.

 

[Matt]

Surely someone like NAscar1 is destabalising the economy, after getting to 14k, he's vanished as afar I can can see.

As for the Loan system, I would be more than happy to run it, if you guys would just BUY some of my domains, I'll start doing small loans

 

[Tippy]

You could give NP$ loans but request that the borrower secure their loan by placing a Domain of equal value in the Bank to hold till the loan has been paid.

I guess more like a pawn shop. If loan isnt paid the Bank retains the Domain and sells to recoup its loss, something along those lines. Domains would have to be pushed to the Bankers registrar account.

Name Banker, that rings a bell

Mike

 

[GCgirl4ever]

Yeah.. the only thing is that NP$ isn't real money so people don't really care. Also.. who would say how much a domain is worth?? To some people it could be worth everything and to others only reg fee.. I dunno.

Personally if someone can't buy/earn their NP they shouldn't be able to borrow it. But the bank account is a great idea

 

[Coastalguy]

Don't underestimate the power of NP$. They can be turned into real cash at the exchange (provided the price is competitive).

ST

 

[GCgirl4ever]

Yes I know.. but still saying they are just NP$

 

[Webtwink]

You can make actually a very good money, if you are into NPs. beleive me . i made a good cash just buying and selling them

 

[GCgirl4ever]

Same here.. but someone was going to get a domain *i thought* with the NP.. it obviously couldn't sell if it was on the board because Jeff or RJ would stop it.. I made $55 in one sale I believe it was a few months back

 

[RJ]

Originally posted by Tippy
You could give NP$ loans but request that the borrower secure their loan by placing a Domain of equal value in the Bank to hold till the loan has been paid.

I guess more like a pawn shop. If loan isnt paid the Bank retains the Domain and sells to recoup its loss, something along those lines. Domains would have to be pushed to the Bankers registrar account.

Not a bad idea, Tippy. This is something the NP$ Loan Brokers could take to doing as well.

 

[armstrong]

Originally posted by Tippy
You could give NP$ loans but request that the borrower secure their loan by placing a Domain of equal value in the Bank to hold till the loan has been paid.

I guess more like a pawn shop. If loan isnt paid the Bank retains the Domain and sells to recoup its loss, something along those lines. Domains would have to be pushed to the Bankers registrar account.

Name Banker, that rings a bell

Mike

Why go through the trouble of accepting another domain? It would be a burden to find one of 'equal value', plus domain valuation can be highly inexact.

Better if the actual domain being transferred is the one placed in the bank's name until the loan is paid off. This is how it works when purchasing houses and cars, right?

If there is no domain involved (i.e., loan to purchase an avatar), then the bank can accept as collateral any existing domain at some value below reg fee (say, $5.00 ?).

For larger loans, you may decide to accept as collateral short domain names with known minimum reseller 'quick sale' prices (e.g., any 2-char .org for $150). This would have the added benefit of establishing a clear minimum valuation standard for such names, which could easily be adopted by other boards.